Prices are representative and are for reference only.RMB1=US$0.1478 (Jul 17)

Market analysis

Prices of CBOT November soy futures surged before closing lower as rains eased drought concerns in the US planting regions. Closing prices were lower by 1.4% compared with the precious week.

In China, prices of soymeal were mostly firm although markets softened in some regions. Crushers stood firm, but ample availability of supplies and cautious mood of buyers put a lid on the prices.

On average, soymeal prices inched up 0.70%.

Port inventories of soy remained stable over the week. Imports are projected at 9.1-9.2 million tonnes in July.

Market forecast

In the major soymeal production regions, soymeal inventories are 41% above last year's levels during early July. With supplies plentiful and global soy market set to soften further, soymeal prices will be under pressure in China.

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